SBSW Sibanye Stillwater

By Joe Hoppe

Sibanye-Stillwater said Tuesday that first-quarter adjusted Ebitda fell 51%, and revised down its 2023 U.S. platinum group production guidance.

For the quarter ended March 31, the Johannesburg-listed precious metals miner posted adjusted earnings before interest, taxes, depreciation and amortization of $441 million compared with $898 million for the first quarter of 2022.

Gold production in South Africa rose to 200,267 ounces from 137,091 ounces the year before.

However, South Africa platinum group metal basket prices declined 19% to $2,051, and production was hit by load curtailment by South African electricity public utility Eskom and heightened criminal activity. As such, that division's Ebitda declined 51% to $391 million.

U.S. palladium and platinum production for the quarter fell to 100,690 ounces from 122,389 ounces in the year-prior period, hit by operating constraints, while adjusted Ebitda fell 90% to $14 million on higher costs and lower basket prices.

The company lowered its U.S. platinum group operations production guidance for 2023 to be between 460,000 ounces and 480,000 ounces from prior guidance of 500,000 ounces to 535,000 ounces, primarily after its Stillwater West mine in Montana suffered a shaft incident.

"While the economic and operating outlook remains challenging and uncertain, we are beginning to identify early indications of more positive sentiment after a very tough period," the company said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

May 09, 2023 03:32 ET (07:32 GMT)

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